While the government doesn’t maintain data on imports coming through the duty-free channel, liquor, cigarettes, chocolates and perfumes are the biggest purchases at Indian airport stores. “While there is no trafficking of these products at present, controls on duty free goods will lead to smuggling,” said an expert on condition of anonymity.
The World Economic Forum Annual Meeting 2020, taking place on January 20-24, will focus on establishing stakeholder capitalism as a way of addressing the world's greatest challenges, from societal divisions created by income inequality and political polarization to the climate crisis we face today, the Geneva-based International organisation for public-private partnership has said.
The Directorate General of Foreign Trade (DGFT) also asked traders to suggest appropriate HS codes for products imported by them which do not have any classification and fall under the ‘others’ category. Every traded product is categorised under an HSN code (harmonised system of nomenclature)—the global systematic classification of goods.
India's restrictions on palm oil has been seen as a retaliation for Mahathir's criticism of New Delhi's actions.
The Directorate General of Trade Remedies is an investigation arm of the ministry which deals with anti-dumping duty, safeguard duty, and countervailing duty. These duties are trade remedy measures, provided under an agreement of the World Trade Organisation to its member countries. They are used to provide a level playing field to domestic industry.
"India did not join Regional Comprehensive Economic Partnership because the partnership was not amongst equals", Union Commerce and Industry Minister Piyush Goyal said on January 16 and stated that India has very serious concerns about the way China carries out its trade and the way "Chinese ecosystem is locked down for fair trade practices" with other countries.
The commerce department has proposed giving rupee credit to exporters at around 7.5% rate of interest and dollar-denominated loans at around 3.5% under the proposed scheme. It will soon take a proposal to the cabinet.
RCEP offers a market potential of $125-million to Indian firms, as per a World Trade Centre study.
Mr. Shaankar Sen, Vice Chairman, GJC, said, “The high import duty on Gold has increased socio-economic menace in the country in the form of smuggling of alarming proportions and the re-emergence of unorganized/illegal channels for procuring gold.
"India believes in free play and equal treatment for all," Goyal said at a security conference in New Delhi, adding that the government also was not contemplating any restrictions on the two countries. On Wednesday, Reuters reported that India is planning to cut some imports from Turkey and widen restrictions on Malaysia.
After Malaysia, Turkey is on the govt’s radar for possible trade curbs for interfering in India’s internal issues. While concrete measures have been decided in case of Malaysia, with a clampdown on palm oil imports, there is no decision on Turkey, which has sided with Pakistan on several issues, including voicing concerns over its proposed blacklisting by FATF.
Malaysia is talking to Indian government and trade officials in a bid to resolve concerns over New Delhi's new palm oil import restrictions, a minister in Kuala Lumpur said on Thursday amid a trade spat between the countries.
Commerce and industry minister Piyush Goyal has warned against imports under the 'others' category and said that within a month, high duty will be imposed on all products categorised as 'others' if they are not carry the specific globally-accepted tariff code.
India's exports declined 1.8% in December to $27.36 billion, on the back of currency volatility and fluctuation in commodities prices coupled with the sluggish global economy.
Kounalakis, who is visiting India along with the Bay Area Business Council, said with a significant number of Indian technology professionals in the Bay Area, the potential for growth through investment and partnership in the tech sector between the two countries is enormous.
Against the background of the increasingly aggressive use of financial sanctions by the US administration, Russian policy is aimed at gradual de-dollarisation of the economy. Together with our main partners, including India, we are working on developing economic and legal mechanisms to reduce the negative impact of restrictions, asserted Russia’s foreign minister.
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